ECM Libra, Axiata, Telekom Malaysia, Siab, CIMB Group, Boustead Properties, Seng Fong and IOI Corporation
KUALA LUMPUR (July 7): Here is a brief overview of notable company announcements and news feed on Thursday, July 7, which include ECM Libra Group Bhd, Axiata Group Bhd, Telekom Malaysia Bhd, Siab Holdings Bhd, CIMB Group Holdings Bhd, Boustead Properties Bhd, Seng Fong Holdings Bhd and IOI Corporation Bhd.
ECM Libra Group BhdDatuk Lim Kian Onn, a non-independent and non-executive director of the group, asked shareholders to reject the tender offer, which made a conditional mandatory general offer to buy out the group’s minority shareholders, according to independent adviser DWA Advisory Sdn Bhd which also deemed the takeover bid as “unfair” and “unreasonable”.
Axiata Group BhdThe 63%-owned subsidiary of edotco Group Sdn Bhd, said its operations in Myanmar are largely unaffected by the political upheaval, but the company is not investing more in the country until there is there is no clarity on the development of the situation.
He added that repatriating funds is difficult as getting the US dollar is quite a challenge in Myanmar.
Telekom Malaysia Bhd (TM) has successfully dismissed claims of $34.5 million (RM152.94 million) from Singapore-based IPTV solutions provider, Vodoke Pte Ltd. .
However, SIAC also dismissed TM’s counterclaims that Vodoke was liable for inducing or procuring a breach of the agreement between Vodoke Nusantara Pte Ltd and TM, and that Vodoke was liable to TM for debts owed by Vodoke Nusantara at TM. Nonetheless, TM said SIAC allowed its counterclaim that Vodoke was liable for actionable misrepresentations.
On another note, TM unveiled its new cloud and digital services company Credence, with the aim of supporting private enterprises and the public sector on their digital transformation journey.
Siab Holdings Bhd has won an RM89.57 million contract from SDN Assets I Sdn Bhd to construct a two storey warehouse with office space in Klang, Selangor. The construction of the proposed industrial development also includes a substation, guardhouse, reservoir and pump, mechanical and electrical area, and common facilities. The project, which is expected to be completed in 12 months, was secured through its wholly owned subsidiary Siab (M) Sdn Bhd.
CIMB Group Holdings Bhd plans to acquire the remaining minority shares it does not hold in CIMB Bank Bhd for RM1.4 million, as part of its attempt to streamline the shareholding structure.
He said the exercise involves a members’ plan of arrangement, which is subject to the approval of CIMB Bank shareholders at a meeting called by the court, after which must be sanctioned by the High Court.
Boustead Properties Bhd and South Korea-based KMT Group have signed a document of agreement to integrate the first K Plus Food Market grocery store at The Curve shopping mall in Petaling Jaya, Selangor in the fourth quarter of this year.
Newly listed Seng Fong Holdings Bhd ended its first day on Bursa Malaysia’s main market at 67.5 sen, below its IPO price of 75 sen and its opening price of 74 sen. It saw 97.59 million shares change hands, giving it a market capitalization of RM350.3 million.
The company said it expects demand for rubber to rise given rising auto sales as the global economy continues to recover from the lingering effects of the Covid-19 pandemic.
IOI Corporation Bhd resumed its share buyback on Wednesday after a six-month hiatus with a purchase of 613,000 shares for RM2.3 million, or RM3.75 each. The group said that following the share buyback, its cumulative number of net treasury shares outstanding was 72.89 million.